Like a teammate on survivor, investors in Google can change sides in a minute. From the high flying, they can do anything stories, that appeared all throughout 2005, to the there is no way they can keep up the growth and doomsday stories of 2006. It’s funny how one earnings report can change everything. I agree that Google was going to have trouble keeping up the growth and the stock had gotten away from itself. The latest issue of Barrons that was featured on CNBC is a perfect example. Here is a snippet of a snippet released..To get a sense of what might happen to the stock, we gave one uber-bull’s 2006 revenue estimate for Google a 20% haircut, trimmed his projected expenses by 5% (but no further, because bulls greatly underestimate Google’s costs), deducted stock-based compensation and, generously, gave the company credit for the considerable interest income on its cash. The result: Earnings would be 30% lower than the bull’s projection, at $6.28 a share. If the stock were to maintain its current multiple of 41 on those lowered earnings, it would be worth $257. It’s more likely the multiple would shrink to as low as 30, in line with the slower growth. That would make the stock worth $188, versus its recent $360. I agree that the bulls don’t always see the whole picture and its always wise to point out a more realistic analysis of things that could happen but why didn’t Barrons run the story last quarter before the earnings. They could have looked like geniuses. I’m not saying I dissagree with Barron’s I just believe that the stock will be somewhere in between the $366 it closed at Friday and the $257 they come to with the new numbers. If you read the latest articles you have to be scared. If you owned the stock you want don’t want to lose your profits and if you are new to the stock you don’t want to lose half of your investment. I love these situations and there always seems to be a great buying point when a stock starts trading because of fear. The media is now promoting the fear. Exactly the opposite of last year. Last year it went to high and this year it will probably go to low. The chart experts will get out the chart and say it has a hammer with a cup with a rising handle with a triple bottom and triple top with a doji. I say watch the numbers, one quarter doesn’t make a trend but two quarters will. I need one more quarter of data to see how things are moving for Google. The problem is by then everyone might love Google again.